Galil Capital Revises its Loss Forecast for 2019 Down to -€25M

1 April 2019 – Eje Prime

Galil Capital, the Socimi led by the Israeli businessman Gil Avraham Shwed expects to close the year with losses of €25 million. It has revised its forecasts down from losses of €46 million (-44%) after completing a €6.59 million capital increase, which will allow it to acquire new residential properties. As such, the Socimi expects to increase its rental revenues by 5% to €1.26 billion.

Galil Capital expects to add one small and one medium-sized building to its portfolio this year. At the end of June 2018, its portfolio comprised six assets and was worth €31.36 million.

Original story: Eje Prime

Translation/Summary: Carmel Drake

Galil Capital Completes a €7.9M Capital Increase

5 February 2019 – Eje Prime

Galil Capital is raising funds to continue growing its portfolio. The Socimi is going to increase its share capital by €7.9 million, compared with the figure of €8.74 million planned initially, according to a statement filed with the Alternative Investment Market (MAB).

Once the term for the preferential subscription and discretional allocation of shares has ended, Galil explained that the share capital will be increased by €6.59 million, corresponding to 658,710 new shares and to a total disbursement of €7.9 million.

The shareholders of the Socimi, controlled by the Israeli businessman Gil Avraham Shwed, approved the capital increase of up to €8.74 million last November. With this operation, promoted just one month after it raised €4.5 million in bank loans, the company is intending to finance the purchase of new assets.

Galil Capital started life in 2015 and specialises in the investment and management of properties in Madrid and Barcelona. The Socimi is led by Jerry Mandel, former CEO of Merrill Lynch, who is the founder and owner of GC Nadlan, the company that manages the real estate firm (…).

According to the latest available information, corresponding to June, Galil Capital’s portfolio comprises six assets, all of which have residential use, worth €31.36 million (…).

Original story: Eje Prime (by Marta Casado)

Translation: Carmel Drake

Galil Capital Buys a Residential Building in Barcelona for €3.8M

19 July 2018 – Eje Prime

Galil Capital is already starting to use the €4.5 million it raised last week. Taking advantage of the two loans it signed recently, the Socimi has purchased a building in the Grácia neighbourhood of Barcelona for €3.8 million, according to a statement filed by the company with the Alternative Investment Market (MAB).

The asset, located at number 9 Calle Escorial, comprises fourteen homes and two retail premises, all of which are leased. The building has a surface area of 1,603 m2 and was acquired on 17 July.

The Socimi owned by Gil Avraham Shwed, founder of the technology firm Check Point has funded this operation using the two loans that were signed just a few days ago. The first is a bank loan amounting to €2.5 million and the second is a €2 million loan that the majority shareholder granted to the company. “This acquisition has been financed using available cash following the drawdown of new financing subscribed by the company”, said the group in a relevant fact sent to the MAB.

Galil Capital owns a portfolio comprising seven residential properties located between Madrid and Barcelona. The valuation of its assets exceeds €31 million.

The Socimi’s plans at the time of its debut on the MAB included carrying out two acquisitions during the course of 2018. For the time being, it has fulfilled half of that objective through this operation in Cataluña.

The company seeks residential assets in Barcelona and Madrid, above all small- and medium-sized buildings (with between ten and fifty assets per building), although it does not rule out investing “at least 25% of its funds in commercial assets in Madrid and Barcelona and even in properties outside of the two major capitals”.

Original story: Eje Prime

Translation: Carmel Drake